Ø Extends 2020 Budget by one quarter
Ø Passes N453.2 bn NDDC 2020 budget
The Nigerian Senate has agreed to pass the Appropriation Bill of N13.588 trillion for the 2021 Budget, which is N505 billion higher than the proposed N13.082 trillion President Muhammadu Buhari presented to the Senate in October.
This was disclosed by the Nigerian Senate, in a statement during plenary session yesterday.
Senator Barau Jibrin moved that the Senate receive and consider the report of the Committee on Appropriations of the 2021 Appropriation Bill, which was seconded by Senator Stella Oduah.
Senate President, Ahmed Lawan, said the Senate worked hard to “meet the deadline of passing the Budget before we go on Christmas break.
”The 2021 Budget passed by the Senate is an increase of 31.9% from the approved N10.3 trillion FGN budget for 2020.
The parameters & fiscal assumptions underpinning the 2021 appropriation include: Benchmark oil price of 40 US Dollars per barrel; Daily oil production estimate of 1.86 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); Exchange rate of N379 per US Dollar; GDP growth projected at 3.0 percent and an Inflation rate closing at 11.95 percent.
Recall that President Muhammadu Buhari presented a budget of N13.08 trillion to the National Assembly in October.
The Senate, on Wednesday, extended the life-span of the 2020 Budget by about three months to facilitate the capital budget of the 2020 Appropriation bill.
The Red Chamber has also passed the N453.2 billion budget for Niger Delta Development Commission (NDDC). This followed the adoption of the report of the Senate Committee on Niger Delta during plenary yesterday.
In his remarks, President of the Senate, Ahmad Lawan called on the committee to ensure that the funds were properly utilized, adding that the Legislature had been engaging with the Executive to fast-track nominations for the Governing Board of the Commission.